Most of my analysis is on the chart.
Gold cleared previous resistance around 1395 with a strong and clear move to the upside.
I like to trade ABCD Patterns, my favorite thing to do is buy and sell the C legs. The first step for me is to have B make a new low or high, which in this case it has made a new high, showing bullish strength.
the next thing is I look for where I can enter on a pull back, In this case we have a nice point of control (red line) where price has been reacting in a bullish manner, I believe there is a lot money sitting there that can give us some sort of move up when/if we come back to this level.
I will be looking for a bullish harmonic patter to complete inside the bullish trendline, and right near that point of control 1392.82. Depending on the pattern I get, I'm going to be using a 15 pip stop give or take,
Take Profit will be for a measured move of the AB Leg, But I'll be watching to see how price reacts just before the D completion because if this plays out for us, We will then have a completed bearish Gartley Pattern. The .786 Retracement of the XA Leg is a spot to watch.
30 pip stop 4:1 Return
15 Pip stop 8:1 Return
-Enjoy
Gold cleared previous resistance around 1395 with a strong and clear move to the upside.
I like to trade ABCD Patterns, my favorite thing to do is buy and sell the C legs. The first step for me is to have B make a new low or high, which in this case it has made a new high, showing bullish strength.
the next thing is I look for where I can enter on a pull back, In this case we have a nice point of control (red line) where price has been reacting in a bullish manner, I believe there is a lot money sitting there that can give us some sort of move up when/if we come back to this level.
I will be looking for a bullish harmonic patter to complete inside the bullish trendline, and right near that point of control 1392.82. Depending on the pattern I get, I'm going to be using a 15 pip stop give or take,
Take Profit will be for a measured move of the AB Leg, But I'll be watching to see how price reacts just before the D completion because if this plays out for us, We will then have a completed bearish Gartley Pattern. The .786 Retracement of the XA Leg is a spot to watch.
30 pip stop 4:1 Return
15 Pip stop 8:1 Return
-Enjoy
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
🟠 Want some free Bitcoin?
The Gemini Orange card gives you up to 4% back in BTC on every purchase — plus a $200 Bitcoin bonus in your first 90 days. No annual fee, no FX fees.
👇 Don’t miss it — grab some free coin:
tinyurl.com/geminiorange
The Gemini Orange card gives you up to 4% back in BTC on every purchase — plus a $200 Bitcoin bonus in your first 90 days. No annual fee, no FX fees.
👇 Don’t miss it — grab some free coin:
tinyurl.com/geminiorange
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.